The following tables show the Company’s cash, cash equivalents, short-term and long-term investments by significant investment category:

The Company’s investments consist of U.S. Treasury securities, corporate notes and bonds, and asset-backed securities, which the Company has the intent and ability to hold to maturity and therefore are classified as held-to-maturity. The Company holds mutual funds in its deferred compensation plan which are classified as trading securities. The Company may sell certain of its investments prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The maturities of the Company’s long-term investments are less than two years. The Company minimizes the potential risk of principal loss by investing in highly-rated securities and limiting the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio. Included in long-term investments are company owned life insurance contracts of $46.5 million and $48.9 million as of December 31, 2022, and December 31, 2021. Interest income was $6.0 million, $3.3 million, and $5.9 million for the years ended December 31, 2022, 2021 and 2020.

When evaluating an investment for its current expected credit losses, the Company reviews factors such as historical experience with defaults, losses, credit ratings, term and macroeconomic trends, including current conditions and forecasts to the extent they are reasonable and supportable.